Kingfisher's French tax case finally settled

The home improvement retailer Kingfisher, owner of B&Q and Screwfix, has announced that a French court ruling has found in its favour. The resolution of the case which goes back as far as 2003 will lead to a boost for this year's earnings report.

There is no impact on Kingfisher's cash position from the decision as a full refund of the tax and associated repayment supplement had already been made in 2009 following a previous successful hearing. However, this decision finally removes any uncertainty over the position and will therefore result in an exceptional credit of around £145 million being recognised in this year's earnings.

Source : Peter Spence – City AM
www.cityam.com/blog/kingfishers-accounts-boosted-145m-french-tax-case-settled-its-favour